Government budget deficit down to P146.8 billion

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THE budget deficit of the national government for the month of May reached P146.8 billion.

The Bureau of Treasury (BTr) said this is lower by 26.72 percent from the P200.3 billion budget deficit recorded in the same period last year.

The BTr explained that the lower budget deficit was due to the double-digit revenue growth, coupled with a contraction in government expenditures.

In May 2022, total revenues reached P304.9 billion compared to the P256.4 billion collected in May 2021.

Around 90 percent of the total collections came from taxes, with 10 percent coming from non-tax revenues like remittances coming from the Philippine Amusements and Gaming Corp. and other charges collected by the government’s various agencies.

For the country’s total tax collection, P216.6 billion came from the Bureau of Internal Revenue, while P66.3 billion came from the Bureau of Customs.

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